Recently passed legislation means that despite popular belief, or rather hope, that it would never happen here, the Tenant’s Deposit Protection Scheme is finally being implemented in Scotland.
This legislation means that no longer will tenant’s deposits be held by landlords or letting agents but must be registered with a government approved fund.
This will apply to every landlord even if they only have one single property.
There will be a very definite administrative process to follow.
Every landlord will have to register with a fund and will be obliged by law to provide every tenant with an information pack explaining how the scheme works, giving full details of their registration with whichever fund and how they, the tenant, must also register with the fund and the process to be followed at the end of their tenancy to recover their deposit.
The aim of the scheme is to primarily protect the tenant’s deposits, but is also a further means of controlling the “unorthodox” landlords that still operate seemingly with impunity in Scotland.
Only properly registered landlords will be able to register with the scheme and a massive publicity campaign is planned in all sectors of the media to educate the tenant population about the scheme and to make them aware that their deposits must be registered.
We, Martin & Co, have it from TDS, the largest fund in England, that they expect that their fund will be approved and up and running by January the 1st 2012. So time is short to be prepared.
Having been primed with this knowledge Martin & Co have audited all of their branches in Scotland and ascertained that all of the deposits are properly secured and we are ready to transfer this tenant’s money to the fund as soon as it running.
We have our processes prepared and for all of our managed portfolios the change to the TDS will be a seamless operation requiring no input, effort or cost at all.
For further information please contact us.
t: 0141 8870080
f: 0141 8873577
e:
paisley@martinco.com
Monday to Friday - 9:00am to 5:30pm
Saturday - By appointment
Sunday - closed
(Out of office hours appointments are available by prior arrangement)
LANDLORDS URGENT;
We have the European Sales Director for an International company relocating with his family from Dubai in September.
They need a large family home for the next 4 years.
They need at least 5 bedrooms and 3 public rooms plus garages etc.
They prefered areas are Patrickbank in Elderslie or Newton Mearns.
Their budget is £1100 per month.
Saucel Crescent; The Ellipta Building
One of our landlords wishes to sell his 2 bedroom flat in this much sought after block.
We have let & managed the property since September 2009 with no void periods.
There have been only 2 tenancies. The current tenancy started in January 2011 and runs until July 2012 and there is no indication that the tenant will want to move.
The current rent is £550 per month.
Landlord needs to clear £100,000.
If you are interested then call us on 0141 8870080 or by email at paisley@martinco.com and we will put you in touch.
2 Bedroom - Flat - Paisley - Ferguslie Walk 480 pcm - http://t.co/UJ1O5S2P #martinco
Tue May 22nd, 12:34
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